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Section Overview

Sovereign Default Research

The recent increase in debt levels among advanced industrial countries due to the global financial crisis is concerning to sovereign investors and observers. This page provides a centralized source for Moody’s research related to sovereign defaults. Our research combines empirical analysis of historical sovereign default and recovery rates with “bottom-up” case study approach to provide a unique perspective on issues such as the causes of sovereign defaults, government interference during crises, the features of sovereign debt restructurings, losses experienced by investors and the aftermath of sovereign defaults. Our analysis scrutinizes the historical record and draws out insights for the current debt crisis.